Online retailer of beauty brands, Nykaa today said it has clocked a net revenue of Rs 214 crore for the financial year 2016-17, helped by strong growth in the luxury products category.

The growth drivers include expansion of brand portfolio, new physical stores and sales of in-house range of beauty products,” Nykaa said in a statement.(Reuters)

Online retailer of beauty brands, Nykaa today said it has clocked a net revenue of Rs 214 crore for the financial year 2016-17, helped by strong growth in the luxury products category. The company, which was founded by former investment banker Falguni Nayar, saw the gross merchandise value (GMV) of its platform increase 3.6 times to Rs 275 crore. “Nykaa increased its brand portfolio by 56 per cent to stock over 700 brands and more than 80,000 products. The growth drivers include expansion of brand portfolio, new physical stores and sales of in-house range of beauty products,” Nykaa said in a statement. It added that the revenue from luxury beauty segment was up 10X, accounting for 15 per cent of total sales.

During the financial year, Nykaa also expanded its omni- channel positioning to launch brick and mortar ‘Nykaa Luxe’ stores in Mumbai, Bengaluru and New Delhi, apart from airport stores Delhi and Mumbai. This expansion will continue with the launch of eight stores in the current financial year, to grow to a total of 30 stores in 2020, the statement said. In its third round of funding that closed in December 2016, Nykaa had raised Rs 104.3 crore through institutional and private investors. Nykaa has a current GMV run rate of Rs 600 crore.

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Gross Merchandise Value or GMV refers to the total sales made through an e-commerce platform. The quarterly/monthly GMV figure is projected for the full year to arrive at the annualised GMV run rate.